13th Jul - EU Open: Same old, same old...

Chinese numbers came in soft, as expected, and Moody’s downgraded Italy. Berlusconi announced he is returning to politics, so now that Spain is destroyed and will go down the Greek path of helpful advice from the Troika, Italy will become the new focal point. See yesterday's US Close: Finnish line and US Open: Spain's comeback for more articles. I will post some horror stuff later today. Beware the Fri-13th!

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

Follow ‘MoreLiver’ on Twitter or Facebook

Asia today: China Q2 growth slides to 3-year low; muted reaction – Saxo Bank

The Asian week finished with a bang as China’s Q2 GDP numbers came in slightly below expectations, though not enough to cause too much of a stir.

Market Preview: Italian bond auction on tap – Saxo Bank

European markets are expected to open in the green Friday after data showed that Chinese GDP was mostly in line with market expectations. Market participants are keeping an eye on Italy's bond auction and US consumer confidence data due today.

Danske Daily – Danske Bank (pdf)

Focus today will be on the University of Michigan survey out of the US and markets will  likely continue to digest this morning’s Chinese data.

Morning Briefing: North American Drift – BNY Mellon

The search for alternatives to the EUR intensifies

EURO CRISIS

Moody’s cuts Italy two notches – alphaville / FT

Moody’s left Italian sovereign debt two notches above junk on Friday, after downgrading it from A3 to Baa2. The rating agency cited “signs of an eroding non-domestic investor base”...

Moody's Downgrades To Baa2 From A3, Negative Outlook - Full Text – ZH

Clarifying The Entirely Unremarkable Shift In ECB Deposits – ZH
BofAML: Massive drop in ECB deposits from €809bn to €325bn…Conclusion: one shouldn’t infer anything on bank lending

Proud Spain again humbles itself to the euro’s demands – The Telegraph

The eurozone’s appetite for self harm knows no bounds.

Euro tumbles as Asian funds shun EU chaos – The Telegraph

The euro has plunged to multi-year lows against a range of currencies on fears of a deepening slump in Italy and Spain, and ugly disputes between eurozone leaders.

CHINA

GDP +7.6% yoy in Q2 2012 – ASA
 Industrial production +9.5% yoy, electricity output growth was flat – ASA

Fixed asset investment growth picked up in June – ASA

Retail sales +13.7% yoy in June 2012, better than estimate – ASA

Probably doing worse than the headline GDP growth suggests – ASA

This Is The Chart That Keeps The PBOC Up At Night – ZH

  updates added later:

Chart: China’s FX reserve accumulation and EURUSD revisited – ASA

Chart: Composition of China’s net new loans – ASA

China GDP: green shoots, black clouds – beyondbrics / FT

China’s Growth Slows to Three-Year Low of 7.6% – BB

Chart: China’s electricity output vs. Australian dollar – ASA

China doubles down on imbalance – alphaville / FT

BizDaily: China's Growth Figures Fall – BBC (mp3)

China's growth figures dip again. Has talk of the coming Chinese Century been premature? Also, is Facebook advertising all its cracked up to be. And just how rational are we?

 

Follow ‘MoreLiver’ on Twitter or Facebook